CIMB Singapore debuts online application for SGD fixed deposits

It will offer promotional rates for the deposits until 31 July.

CIMB Bank Singapore launched an online SGD Fixed Deposits application service for its new customers which it claims is the first in the country.

Also read: CIMB Group profit up 11% to $328.38m in Q1

New customers won’t have to physically apply for an SGD FD account at the bank’s branches. Customers will be required to fill up an online application form to open an SGD FD account and a CIMB FastSaver (online savings) account. The latter is used to facilitate the crediting and debiting of funds to and from the SGD FD account.

Single applicants can then proceed to make transfers from their accounts with other banks in Singapore to their CIMB FastSaver account for placements into their CIMB Fast Fixed Deposits accounts. Joint applicants will both have to make transfers from their respective individual accounts with other banks locally to go through the same process.

In conjunction with the launch, CIMB has introduced exclusive online promotional rates, for their three-months, six-months and 12-months SGD FD from 1 July to 31 July 2018 for all CIMB Fast Fixed Deposit customers.

“As part of a series of enhancements that CIMB is undertaking, our existing customers with CIMB Clicks Internet Banking were among the first to enjoy the promotional rates from 17 June 2018 onwards. This allowed them to place new SGD Fixed Deposits or adjust their maturity instructions,” said CIMB Singapore Singapore country head and CEO Mak Lye Mun.

“The response has been excellent so far, and I believe that our new customers would find this service and the promotional rates just as attractive,” he added.